About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 21 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Investment Stewardship – Discussion of risk 1 Economic Factors and Metal Prices IMPACT Economic factors can result in adverse movements in metal prices, resulting in lower financial results and cash flows, increased stress on our portfolio properties, less investor interest in gold and our sector, fewer investment opportunities and the potential for impairments. MITIGATION AND COMMENTARY We seek to invest in assets that can withstand commodity price cycles and with companies that have a conservative financial profile, maintain control of our general and administrative expenses to ensure healthy margins and cash flows, maintain a conservative balance sheet with sufficient liquidity, and continue to promote gold as an investment. 2023 Summary During 2023, the global economy experienced a significant increase in interest rates brought about by the U.S. Federal Reserve’s efforts to control high inflation. The effect was an increase in positive real interest rates, creating an environment where investors could typically earn more from an investment in the U.S. dollar than in gold, which is not typically positive for the price of gold. As the end of the year approached, rates fell on the expectation that the U.S. Federal Reserve would reduce interest rate increases. Illustrations of the market yield on 10-Year Constant Maturity U.S. Treasury Securities and Real Interest Rates are provided to the right: MARKET YIELD ON U.S. TREASURY SECURITIES AT 10-YEAR CONSTANT MATURITY 0 1.0 2.0 3.0 4.0 5.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Percent Source: Federal Reserve Bank of St. Louis 10-YEAR REAL INTEREST RATES 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 Percent Source: Federal Reserve Bank of St. Louis “ To us, investment stewardship means the responsible allocation, management and oversight of our capital to create long-term value for our stakeholders.” Bill Heissenbuttel Royal Gold President and CEO